Vontobel will not assume all members of staff of Notenstein La Roche after the takeover from Raiffeisen. The latter will in turn release some employees in connection with the divestment.

Raiffeisen Switzerland will cut about 50 jobs in connection with the sale of its private bank, Notenstein La Roche to Vontobel. The cuts will take place at Raiffeisen and the Arizon IT unit. The employees to go had been providing services to Notenstein, according to the Swiss banking staff union SBPV. The bank prepared a redundancy plan and was offering a fair solution for all of the released employees, according to the release on Wednesday.

The cuts increase the total of employees who have lost their jobs as a consequence of the sale to almost 200. Vontobel will assume 260 of the 400 Notenstein bankers.